The Commonwealth Bank’s reputation has taken a battering at the Royal Commission, and a veteran of 13 years on the top table of the Bank’s Executive Committee explains what went wrong and where we should head.
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In the week that marks 30 years since Chris Cuffe joined what became Colonial First State, a former colleague reflects on what makes a business successful, and what may have been lost from those early days.
There’s a fundamental difference between banking and wealth management: bankers have no fiduciary obligation to their clients. It’s difficult for bankers to own fund managers and financial advice and fully accept the difference.
Readers made many insightful comments about trust in financial institutions last week, and we welcome further constructive feedback about the unbelievable cash laundering through CBA ATMs.
Nobel Laureate, Robert C. Merton, says technology and fintechs will find it difficult to build trust, but how much trust do we have in “the contradiction of the country’s most hated company”?
It was only a few decades ago when money market trading was settled by retired bank managers walking around the city holding cheques and negotiable securities. Ellis Bugg drove the automation we take for granted.